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Banks, Realty top stock market gainers, Nifty up 3.3%; MRF tries aviation tyre business

August 29th, 2008

Friday, August 29, 2008 12:30:12 PM IST

Stocks gained further inroads as Banks and Realty stocks continue to get buying interest. CNX Nifty is at 4353.45 up 3.31%. Bank Nifty is up 6.51%. BSE Sensex is up 497 points and is up 3.54%

ICICI Bank is up 7.39%. SBI, Punjab National Bank, HDFC Bank are up 6.78%, 6.68%, 5.27% respectively on the NSE.

MRF Limited (NSE:MRF; ISIN Code:INE883A01011) has entered into aviation tyre business with its ‘Aero Muscle’ tyre brand. These tyres will be used by Chetak helicopters of the Indian Military. The tyres have been tested and had been given approval by two airworthiness testing centres.

MRF plans to take help from the Defence Ministry to make the tyres economically viable. MRF says the tyres will be manufactured from its Arakkonam facility in Tamil Nadu till a dedicated facility comes up at its existing plant at Medak, Andhra Pradesh.

The script is trading at 3524 levels on the BSE. Its 52-week high price is 8955.55 and 52-week low price is 3050.00

Its peer Apollo Tyres is trading at 40.05 (unchanged)

1 U.S. dollar = 43.7005 Indian Rupees
1 U.S. dollar = 109.4211 Japanese Yens
1 U.S. dollar = 0.6806 Euros
1 Ounce Gold = $834.30
1 Barrel Crude Oil = $116.85

Entry Filed under: Equity Markets, Automobile, Banks & NBFC